Tech

Reality Defender Secures $33 Million Funding Against FinTech Deepfakes

  • Reading time: 2 min
New York-based startup Reality Defender, specializing in AI-generated deepfake detection technology, recently secured $33 million.

New York-based startup Reality Defender, specializing in AI-generated deepfake detection technology, recently secured $33 million in Series A funding.

The round drew prominent backers, including Illuminate Financial, Booz Allen Ventures, IBM Ventures, and Accenture, indicating strong support for Reality’s platform as it tackles synthetic media risks to weaken fraud and misinformation concerns in FinTech.

Founded in 2021, Reality Defender deepfake detection technology is designed to identify misleading or deceptive content across various media types, critical pillar to guarantee data integrity and security in fintech’s services.

In this sector, fraudulent content could jeopardize sensitive information and this new funding for Reality Defender deepfake detection will improve the technology while further expanding into the growing financial sector as it targets digital fraud.

Addressing New Threats to Financial Security

Some of the risks that come along with how to detect deepfakes, fraud, misinformation, and identity theft continue to increase in their complexity with advancing technology.

Reality Defender’s multimodal deepfake detection technology system quickly identifies synthetic audio, video, images, and text-something of a multi-layered approach that is important for the deepfake detection company wanting to protect their operations from media manipulation.

Reality Defender’s deepfake detection system technology lets companies detect and block deepfakes before they can do damage,” the company said, adding that the funding will help it scale its detection tools to keep pace with new challenges, particularly in high-risk-impact industries such as finance.

According to Reality Defender, the findings from Accenture’s Cyber Intelligence group provide evidence of a constant increase in deepfake-related threats.

“Activity in deepfake tools markets on the dark web increased by a staggering 223% from early 2023 to early 2024,” as stated by Accenture’s Cyber Intelligence group.

AI-generated videos have sold for as much as $20,000 per minute due to the advanced tool’s high sophistication and cost.

With its recent investment, Reality Defender seeks to counter the threats by pushing for the presence of deepfake detection technology. To defend key sectors, with the most important one being fintech to save digital interactions through deepfake detection tools.

Inside Telecom provides you with an extensive list of content covering all aspects of the tech industry. Keep an eye on our Tech sections to stay informed and up-to-date with our daily articles.

Tags: